What is accounting?
Accounting is the art of organizing, maintaining, recording, and analyzing financial activities. Accounting is generally known as the "language of business". The accountant translates this accounting information into meaningful terms that are used by interested parties. Every organization- profit, nonprofit, charitable, religious, or governmental - requires the services of accountants in providing accounting information.
Who uses accounting information?
Accounting information is used by everyone. The manager of an organization, who is charged with the responsibility of seeing that the enterprise is properly directed, relies upon the accounting information provided to make appropriate decisions. Investors in an enterprise need information about the financial status and future prospects of an organization. Bankers and suppliers grant loans and extend credit to organization based on their financial soundness evidenced by accounting information. Even customers and employees concerned about the condition of an organization make use of accounting information.
What information does an accountant gather?
The accountant keeps track of all business transactions. A business transaction is any business activity that affects what a business owns or owes, as well as the ownership of that business.
Accounting is the art of organizing, maintaining, recording, and analyzing financial activities. Accounting is generally known as the "language of business". The accountant translates this accounting information into meaningful terms that are used by interested parties. Every organization- profit, nonprofit, charitable, religious, or governmental - requires the services of accountants in providing accounting information.
Who uses accounting information?
Accounting information is used by everyone. The manager of an organization, who is charged with the responsibility of seeing that the enterprise is properly directed, relies upon the accounting information provided to make appropriate decisions. Investors in an enterprise need information about the financial status and future prospects of an organization. Bankers and suppliers grant loans and extend credit to organization based on their financial soundness evidenced by accounting information. Even customers and employees concerned about the condition of an organization make use of accounting information.
What information does an accountant gather?
The accountant keeps track of all business transactions. A business transaction is any business activity that affects what a business owns or owes, as well as the ownership of that business.
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